SolarCity Corp (NASDAQ:SCTY) released the earnings results from its most recently completed quarter after closing bell tonight, posting adjusted losses of 75 cents per share on $58.3 million in revenue. Analysts had been expecting the solar panel system installer to report losses of $1.12 per share on $60.2 million in revenue for the third quarter. In the same quarter last year, SolarCity reported losses of 3 cents per share on $48.6 million in revenue.
Net income was 19 cents per share.
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Key metrics from SolarCity’s earnings report
SolarCity Corp (NASDAQ:SCTY) said its Estimated Nominal Contracted Payments Remaining rose 137% to $4.1 billion. The company said its Estimated Nominal Contracted Payments remaining rose by $803 million sequentially. SolarCity signed up a net 27,116 new contracts during the quarter.
SolarCity booked a record 230 megawatts of projects, a 154% year over year increase, and deployed 137 megawatts worth of projects, a 77% year over year increase. The company reported an 11% decline in total blended cost, which fell to $2.90 per watt. Management continues to aim at targeting volume each year and cutting the cost to $2.50 per watt by 2017. Installation costs fell 45 to $2.19 per watt, compared to $2.29 per watt in the previous quarter. Sales were flat quarter over quarter at 50 cents per what.
As of the end of September, SolarCity had a cumulative 894 megawatts deployed and 168,339 cumulative customers, which was a 105% year over year improvement. The solar energy systems assets on its balance sheet, net were $2.44 billion. The retained value forecast is $2.18 billion.
SolarCity provides guidance
For the fourth quarter, SolarCity Corp (NASDAQ:SCTY) expects to deploy between 179 megawatts and 194 megawatts, a 26% sequential increase and 81% year over year increase at the midpoint. For the full year, management expects to deploy between 502 megawatts and 520 megawatts, an 83% increase year over year at the midpoint.
The company projects GAAP operating lease and solar energy systems incentive revenue to be between $46 million and $52 million for the fourth quarter. Solar system and component sale revenue is projected to be between $20 million and $24 million for the quarter.
Non-GAAP losses per share are expected to be between $1.25 and $1.35 per share.